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Mumbai, India (September 13, 2024): Top mutual funds in India significantly reduced their holdings in HDFC Bank during the month of August, selling shares worth approximately Rs 8,200 crore. This marks a reversal from seven consecutive months of net buying in the country’s largest private lender.
Despite the overall reduction, some mutual funds remained optimistic about HDFC Bank’s prospects. ICICI Prudential Mutual Fund was the most active buyer, acquiring shares worth Rs 1,947 crore. Other notable buyers included UTI Mutual Fund and Nippon India Mutual Fund.
Key Highlights:
- Net Sell-Off: Mutual funds sold around 5.06 crore shares of HDFC Bank in August, marking their first net sell-off since January.
- Reduced Holdings: The total value of HDFC Bank shares held by mutual funds declined from Rs 2.59 lakh crore in July to Rs 2.51 lakh crore in August.
- Top Sellers: Kotak Mahindra Mutual Fund, Quant Mutual Fund, and SBI Mutual Fund were among the largest sellers, collectively offloading shares worth over Rs 8,000 crore.
- Mixed Sentiment: While some funds reduced their holdings, others remained bullish on HDFC Bank’s long-term prospects.
Breakdown of Top Sellers:
| Mutual Fund | Shares Sold (Crore) | Value (Crore) |
|---|---|---|
| Kotak Mahindra Mutual Fund | 2.56 | 4,188 |
| Quant Mutual Fund | 1.73 | 2,827 |
| SBI Mutual Fund | 0.68 | 1,110 |
| Aditya Birla Sun Life MF | 0.52 | 718 |
| Invesco Mutual Fund | 0.43 | 604 |
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Breakdown of Top Buyers:
| Mutual Fund | Shares Bought (Crore) | Value (Crore) |
|---|---|---|
| ICICI Prudential Mutual Fund | 1.19 | 1,947 |
| UTI Mutual Fund | 0.18 | 251 |
| Nippon India Mutual Fund | 0.17 | 238 |
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The overall reduction in HDFC Bank holdings by mutual funds could be attributed to various factors, including profit-taking, shifts in investment strategies, or concerns about the bank’s valuation. However, the continued interest from some funds suggests that the long-term outlook for HDFC Bank remains positive.
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